Investor Guide

Western Asset Core Plus Bond Fund Share class (Symbol): A (WAPAX), C (WAPCX), FI (WACIX), I (WACPX), IS (WAPSX) A MANAGER FOR ALL SEASONS

The Western Asset Core Plus Years of historically low interest rates have not deterred investors from Bond Fund offers: investing in fixed income, and for good reason. Historically, bonds have Diversification often provided investors with a reliable source of steady income while Activemanagement helping to reduce volatility in their overall portfolio — an investment Enhanced income potential strategy that never goes out of style.

But even the best investment strategies are only as good as the managers behind them. Fund facts With over 45 years of fixed income experience, Western Asset has managed risk and sought value through multiple business cycles and economic environments. While market volatility Class I is inevitable, the severity of its impact on a portfolio doesn’t have to be. Class C When volatility rises, experience and flexibility may be the key Overall Morningstar RatingTM Rolling one-year standard deviation (%) As of 06/30/21, Class I and C shares rated 5 and 3 stars, respectively, among 550 Intermediate Core-Plus Bond funds, based upon risk-adjusted returns derived from a Bloomberg Barclays U.S. Bloomberg Barclays 10-Year S&P Aggregate Bond Index U.S. TreasuryBellwethers Index 500 Index weighted average of the performance 30 figures associated with 3-, 5- and 10-year (if applicable) Morningstar Ratings metrics.† 25

20

15

10

5

0 2001 2004 2007 2010 2013 2016 2020

Source: Morningstar, as of December 31, 2020. Please see back cover for important index definitions. Please note, an investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Past performance does not guarantee future performance. Treasuries are backed by the full faith and credit of the U.S. government. Standard deviation indicates the percentage by which a fund’s performance has varied from its average performance in any given month during the period indicated. The higher the standard deviation, the greater the range of performance, indicating greatervolatility. Investments in fixed income securities involve interest rate, credit, inflation and reinvestmentrisks, and possible loss of principal. An increase in interest rates will reduce the value of fixed income securities. Income and yields will fluctuate and are not guaranteed. Active management and diversification do not ensure gains or protect against market declines. 2Q 2021 INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE PERFORMANCE A of Barclays the single position diversification The The The opportunistic opportunistic managed, periods since peers Western Western return efrac hw ersnsps efrac and performance past results represents shown Performance : Source ae nthe on based net at distributions charge sales emusmnsado fee and/or reimbursements than 2. differ enlower been hs eutosreduce reductions these Gross expenses operating Fund annual total causing xessfor expenses 0. eebr31, December nomto,please information, rs/e expense gross/net -2 2 0 2 4 6 8 03% 52%/0. overall BondFund WesternCore Asset the Fund bond across Diversifying and from xessaeteFn’ oa nuloeaigepne o h share the for expenses operating annual total Fund’s the are expenses Western and and . egMason. Legg urn efrac may performance Current original 45%, Western 1-year

3.13 standardized benchmark all the for and rnia value principal 1. the if HISTORY 65 eshad fees U.S. Class(es) enhance NAV 01wtotBadconsent Board without 2021 risk structure aims CasI) (Class Asset % respectively NAV -0.33 sectors sectors cost for visit Asset Asset e hr applied share per asset . ratio .

e share per 3.06 among grgt Index Aggregate well- Class overwhelms performance. Class not to A inception inception . www and Plus au n h euto of deduction the and value will and Core Plus Bond performance versus performance Bond Plus Core o the for the enwaived been Asset Core . exceed A. 3-year A waivers,

6.86 sectors.debt CorePlus Bond In class LeggMason. fluctuate, efrac o te share other for Performance hrshave shares I income udsgosexpenses, gross Fund’s can can disclosed eid fmarket of periods diversified core fixed elc otata e avr n/rribreet,where reimbursements, and/or waivers fee contractual reflect 5.34 key its Class be Aggregate Bond Bloomberg Barclays expenses h uds30- Fund’s the to ihro lower or higher help help

5.69 the in so hrhle usrpin n redemptions, and subscriptions shareholder (%) in . A a com aiu periods various a investment hrs hnrdee,may redeemed, when shares, udsaeodrreports shareholder Fund and aiu front maximum to performance range . potential. 5-year 4.75 . June 30, 2021 as of 30, June oa eun sueterivsmn of reinvestment the assume returns Total eoehge hnindicated. than higher become Current hl approximating while reduce portfolio I

3.03 Plus Bond Fund hrso h Fund the of shares volatility, a SEC day Fund Index all than to udexpenses Fund U.S. which 3.75 of . the classes ooti the obtain To h performance the - themes themes n ae hreof charge sales end yield seeks seeks most complementary In assets 10-year

antb terminated be cannot 4.87 of is essence, will for eetpopcu,teFund’s the prospectus, recent Core Morningstar ogaateof guarantee no

. 3.39 the a decline may Class to to efrac ol have would Performance vary OF . so so most Total - Plus Bond be is 3.84 achieve class(es) due Bloomberg that I worth shown 0. income ol aebeen have would - month recent volatility return 83 time Inception to its Intermediate 4. %/0.

Since 6.02 differences no 25 oeor more significantly, . shown. Average which Investment level iue are figures %. 82% 4.77 seeks prior Absent its future may less Net end and 4.84 all to in strategy that 1 to to grgt odIdxonly Index Bond Aggregate ecmr sectors Benchmark - Five returns core Enhanced Active Effective charges sales include greater have generally but debt, securitized and corporate government, including - Intermediate : Source Diversification the of value one- offerings n non-U.S. and Source: U.S. securitized U.S. (IG) Investment bonds agency Government Benchmark I Class A Class Average Average

Reward (returns annualized of the period shown %) maximize time Be corporatebonds 0 2 4 6 8 aaeetde o nuegiso rtc gis aktdeclines market against protect or gains ensure not does management year egMason. Legg Morningstar. nraeo the of increase June to sectors 0 nc bid odnon- hold 3.13 2.83 - term 0.33 urnyexposures currency 1- osntensure not does B I Morningstar hmark - risk/return, Aggregate Bond Index Aggregate Bond Bloomberg U.S. Barclays nt 1, grade and ond annual total returns returns total annual Without salescharges yr ermedi / 2017, core ask 6.86 6.48 5.34 includes 3- . debt oescossuch sectors core Risk (Standard deviation(Standard %) Risk yr eesto refers - at lsbn portfolios bond plus prices h udchanged Fund the NAV, e . 4.75 4.37 3.03 total 1 U.S. U.S. 5- - Core 2 yr (of which a 10- 4.87 3.39 Plus fixed rfto rtc gis investment against protect or profit as neligfn holdings) fund underlying – . Private securitized debt securitized Private Currency TIPS U.S. below) and (IG debt market Emerging loans Bank bonds corporate High yr onnsa aeoisicuefees include categories Morningstar return return is of incept. income Since benchmark 4.23 6.02 due limited exposure to scroaehigh- corporate as - – yield yield June 30, 2021 30, June sectors to its invest - Non this With sectors 4 security - - 3.13 1- 1.50 0.33 yr change (%) (%) rmrl in primarily via via maximum Treasury Index Treasury Bloomberg B 4.95 5.34 6.86 3- represented pricing yr as Core Plus Bond I Bond Plus Core Asset Western npricing in yield, to an an 3.46 3.03 4.75 5- aclt the calculate of of yr methodology investment salescharges akla,eegn akt debt markets emerging loan, bank 10- arclay 6 3.39 4.87 June 30, 2021 30,June actively – in methodology yr . loss and and into into Fund potentially the help allocations opportunistic of management Active h lobr Barclays Bloomberg the management s U.S. U.S. s incept. Since 3.74 6.02 core and and core and – - NAV grade rae returns. greater higher . Active Active to 100% xessbut expenses SEC yield SEC . now flexibility . ud a show may Funds 30- U.S. 1.65 2.08 – day yields use fixed the Inception than 07/08/98 04/30/12 tap income date do – mean core U.S. not a RISK FOCUSED

Western Asset’s time-tested approach has fared well through multiple market cycles and provided clients with diversified portfolios managed for the long term. An experienced fixed income manager like Western Asset doesn’t follow the crowd.

Teamwork at its core Risk metrics For over 45 years, Western Asset has employed a team-based Average effective duration is maintained to within 30% of the approach to navigating fixed income markets around the globe. Bloomberg Barclays U.S. Aggregate Bond Index, generally All investment decisions are thoroughly debated by Western Asset’s ranging between 2.5 and 7 years. deep pool of more than 130 investment professionals who average 24 years of industry experience.2 May allocate up to 25% in non-U.S. domiciled issuers. At Western Asset, risk management’s role is to fine-tune return Below-investment-grade allocations cannot exceed 20%.3 patterns and ensure that the appropriate amount of risk is being taken for a given set of client expectations. With volatility as an Non-U.S. dollar allocations cannot exceed20%. ongoing reality in global capital markets, Western Asset’s strong risk management program fuels the firm’s pursuit of positive, risk-adjusted returns.

Core Plus has outperformed the benchmark through multiple interest rate environments Growth of $10,000, as of December 31, 2020

Western Asset Core Plus Bond I Bloomberg Barclays U.S. Agg Bond Index 10-year U.S. Treasury yield 14,500 3.5 14,000 Interest rate volatility can be significant, even in a low-rate environment 3.0 13,500 13,000 2.5 12,500 2.0 12,000 1.5 11,500

11,000 1.0 Treasury Yield (%) Investment Growth ($) 10,500 0.5 10,000 9,500 0.0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2016 2017 2018 2019 2020

Source: Morningstar,Bloomberg. Performance shown represents past performance and is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than the original cost. Effective duration is a duration calculation for bonds with embedded options. Effective duration takes into account that expected cash flows will fluctuate as interest rates change. Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. Fixed income investments in high yield, international and emerging markets sectors involve more risk and volatility than securities issued by the U.S. government. There is no guarantee the investment strategy described herein will be successful. U.S. Treasuries are direct debt-obligations issued and backed by the “full faith and credit” of the U.S. government. The U.S. government guaranteesthe principal and interest paymentson U.S. Treasuries when the securities are held to maturity. 2 As of March 31, 2021. 3 Rating requirement applies to time of purchase. 3 leggmason.com At Franklin Templeton, everything we do has a single focus: to deliver better client outcomes.

• We have deep expertise across equity, fixed income, alternatives, multi-asset solutions and cash strategies.

• We offer an unmatched range of specialist investment managers, consisting of more than 1,300 investment professionals.

• Over 70 years of experience in identifying opportunities and delivering investment solutions to clients.

What should I know before investing? Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. High-yield bonds are subject to greater price volatility, illiquidity and possibility of default. Derivatives, such as options and futures, can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. Asset-backed, mortgage-backed or mortgage-related securities are subject to prepayment and extension risks. Potential active and frequent trading may result in higher transaction costs and increased investor liability. Active management does not ensure gains or protect against market declines.

† The Morningstar Rating™ for funds, or “star rating,” is as of June 30, 2021 and is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history, and subject to change monthly. Current monthly ratings can be found at leggmason.com. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk- Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total return, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three- year rating for 120 or more months of total return. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads. Class I and C shares of the Fund were rated against 550, 478, and 341 Intermediate Core-Plus Bond funds over the 3-, 5- and 10-year periods, respectively. With respect to these funds, Class I and C shares of the Fund received Morningstar Ratings of 4, 5 and 5; 3, 3, and n/a stars for the 3-, 5- and 10-year periods, respectively. Ratings shown are for the highest and lowest rated share classes only, when available. Morningstar Rating is for the specified share class(es) only; other classes may have different performance characteristics. A 4- or 5-star rating does not necessarily imply that a fund achieved positive results for the period. The S&P 500 Index is an unmanaged index of common stock performance. Please note, an investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index that measures the performance of the investment-grade universe of bonds issued in the United States. Any information,statement or opinion set The index includes institutionally traded U.S. Treasury, government-sponsored, mortgage and corporate securities. The Bloomberg forthherein is general in nature,is not Barclays 10-Year U.S. Treasury Bellwethers Index is an unmanaged universe of U.S. Treasury bonds, and it is used as a benchmark directed to or based on the financial against the market for long-term maturity fixed income securities. The index assumes reinvestment of all distributions and interest situation or needs of any particular investor, payments. U.S. Treasuries are direct-debt obligations issued by the U.S. government and backed by its “full faith and credit.” The U.S. and does not constitute,and should not be government guarantees the principal and interest payments on U.S. Treasuries when the securities are held to maturity. Asset-backed, construed as, investmentadvice, forecast mortgage-backed or mortgage-related securities are subject to prepayment and extension risks. The 30-Day SEC yield, which is of future events, a guarantee of future calculated pursuant to the standard SEC formula, is based on a fund’s investments over an annualized trailing 30-day period and not on results, or a recommendation with respect the distributions paid by the Fund, which may differ. to any particular security or investment strategy or type of retirement account. ©2021 Franklin Distributors, LLC. Member FINRA/SIPC. Western Asset Management Company, LLC and Franklin Distributors, Investors seeking financial advice LLC are Franklin Templeton affiliated companies. 1001087 WASX016825 07/21 90150 INV regarding the appropriatenessof investing in any securities or investment strategies should consult their financial professional. BEFORE INVESTING, CAREFULLY CONSIDER A FUND’S INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES. Past performance is no guarantee of YOU CANFIND THISAND OTHER INFORMATIONINEACHPROSPECTUS,AND SUMMARYPROSPECTUS,IFAVAILABLE, future results. ATWWW.LEGGMASON.COM.PLEASEREAD THEPROSPECTUSCAREFULLY.